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CIMA Advanced Financial Reporting Sample Questions:

1. KL acquired 75% of the equity share capital of MN on 1 January 20X8. The group's policy is to value non- controlling interest at fair value at the date of acquisition. MN acquired 60% of the equity share capital of PQ on 1 January 20X9 for $360 million.
At 1 January 20X9 the fair value of the non-controlling interest in PQ was $220 million and the fair value of the net assets of PQ at 1 January 20X9 were $320 million.
Calculate the goodwill arising on the acquisition of PQ at 1 January 20X9.
Give your answer to the nearest million.
$ ? million

2. MNO has calculated its return on capital employed ratio for 20X4 and 20X5 as 41% and 56% respectively.
Taking each statement in isolation, which would explain the movement in the ratio between the 2 years?

A) In 20X4 an onerous contract was provided for and this provision did not change in 20X5.
B) In 20X5 the increase in value of MNO's head office was reflected in the financial statements.
C) In 20X4 an unused building was sold at a price in excess of its carrying value.
D) In 20X5 the average interest rate on borrowing decreased compared to 20X4.

3. EF has redeemable 10% bonds which are currently trading at $94.00 for each $100 of nominal value. The bonds can be redeemed at par in five years' time. The corporate income tax rate is 22%.
The present value of the cash flows associated with $100 nominal value of these bonds at a discount rate of 7% is $9.28.
Calculate the post tax cost of debt.
Give your answer as a percentage to one decimal place.
%

4. MS Group's total profit for period on their consolidated income statement is £31,000. This includes adjusting for their share of joint venture JV2. Calculate the share of joint venture MS Group received based on the following information.
MS operating profit £41,000
Dividend from JV2 £5,000
Finance cost £3,000
Tax £11,000

A) £6,000
B) £5,000
C) £9,000
D) £7,000
E) £4,000
F) £1,000

5. LM and JK operate in the same country and prepare their financial statements to 30 June 20X6 in accordance with International Accounting Standards. On 27 June 20X6 both entities raised $1 million cash by issuing debt instruments with identical terms and conditions. Prior to this issue both entities were financed entirely by equity.
At 30 June 20X6 the gearing ratios, calculated as Debt/Equity x 100%, were as follows:
LM: 30%
JK: 65%
Which of the following independent options would explain the difference between LM and JK's year-end gearing?

A) LM held no investments in other entities; JK revalued its available for sale investments upwards in the year.
B) LM made a bonus issue from retained earnings in the year; JK issued no shares in the year.
C) LM had 100,000 $1 shares at the year end; JK had 200,000 50c shares in issue at the year end.
D) LM revalued its land and buildings upwards in the year; JK has performed no revaluations.

Solutions: